BALTIMORE (AP) _ Legg Mason Inc. (LM) on Monday reported fiscal fourth-quarter earnings of $49.5 million.
On a per-share basis, the Baltimore-based company said it had profit of 56 cents. Earnings, adjusted for restructuring costs and non-recurring costs, were 70 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The money manager posted revenue of $692.6 million in the period.
For the year, the company reported a loss of $28.5 million, or 38 cents per share, swinging to a loss in the period. Revenue was reported as $2.9 billion.
Legg Mason shares have risen 30% since the beginning of the year, while the Standard & Poor's 500 index has risen 12%. In the final minutes of trading on Monday, shares hit $33.23, a drop of 15% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LM at https://www.zacks.com/ap/LM